What would you do if entering a new market?

[Isaac M]

So I have been lurking the forums for a while (finally registered and looking to partake in the discussions). Anyway, I have been "studying" the forums for some time and as it turns out I will likely be moving to the southern California area in the next 4-5 months. (I will either be moving to tarzana or west LA).

I guess my question is two fold. I was wondering if any of you guys in the area could give me your experiences in the area and what kind of market it is right now.

Secondly, I was wondering what the best way to hit the ground running in a new market such as this one would be. I realize southern California is a huge diverse area and I'm trying to figure out what the best way to become familiar with the market would be. I'm interested in rehabbing and I would like to start a yellow letter campaign when I get there, but I feel as if I would have no idea what to offer on a property to even get it at a good price. What would you do/did you do when entering a new market for the first time? Looking forward to the replies as well as becoming a more regular poster on these forums!

[Anson Young]

I think alot of things in this business are data driven. With MLS access alone, you should be able to narrow down the hottest cash sales zip codes (where investors are buying) and nail down ARVs on rehabbed properties sold in those neighborhoods. That should give you a good idea, based on data and pictures alone (finish qualities to get to that ARV, etc) if those numbers would make sense for your formula.

That said, all of the above info from other posters is applicable as well, but I know from experience that with MLS access alone, I can virtually wholesale homes on data and pics. Without that knowledge (where investors buy, and what the rehabbed ARVs are), I dont know what else you can do.

That knowledge coupled with being on the ground, driving neighborhoods, walking through your competition's finished products, networking with investors/agents/etc, layouts, whats desireable and everything else, you should be able to step into any market and get started in a few months.